refinancing

Let’s talk about paperwork! It’s time to make your list and check it twice because lenders and banks are rather particular in their requirements. Before you submit your paperwork, read over it to make sure all the listed information is included.

Income Confirmation, Traditional Employment:

  • position/title
  • length of time
  • salary or hourly pay rate
  • the name, title, and contact information of the person signing the letter
  • the letter must be written within last 30 days
  • a recent pay stub that must be dated within 30 days

If you are paid an hourly rate, commission, or have included a bonus with your income please include the above along with:

  • Notice of Assessment (NOA) from CRA 2018 and 2019
  • If there is/was a balance showing, include the receipt showing the balance paid in full

Income Confirmation, Self-Employed:

  • A Business License or Articles of Incorporation to show that you’ve been self-employed or a licensed agent for at least 2 years
  • 2018 and 2019 FULL T1 General
  • 2018 and 2019 Notice of Assessment from CRA
  • For some lenders you *may* need to provide 6 months of business bank statements
  • Alternatively, you can send an email introduction including me and your accountant and we can request the documents directly from the accountant

General conditions:

  • Lawyer’s name and contact information. We can refer a trusted lawyer to you if you prefer.
  • Void Cheque – Your mortgage payments will be debited from this bank account. Who knew that there was still a use for old fashioned cheques? This is it!
  • Two Pieces of Photo ID – front and back. The primary piece of identification must be either a valid Canadian Driver’s License or Passport. The secondary identification could be a Canadian birth certificate, SIN card, or major credit card.
  • A copy of your most recent mortgage statement or renewal offer to confirm the term of the mortgage, the balance and reference number.
  • If you are sending a mortgage statement dated December 2019, please also include a screenshot to show the current balance. Please ensure your name is on one of these documents and account number on both as proof of ownership
  • A copy of your most recent property tax statement.
  • This is to confirm the legal property description and that taxes are up to date. If there is an outstanding balance on your most recent Tax Bill. If you are on a monthly plan or have an outstanding balance, you may need to pay the balance to zero. Your tax balance should be $0.00 when applying for a mortgage or before funding a mortgage.
  • You can go online to https://myservice.ottawa.ca/profile/account/login?lang=en click to property taxes and take a screenshot of your account details confirming a zero balance.
  • A copy of your most recent Home Insurance Policy. This is to confirm sufficient fire loss coverage.
  • Please ensure that your policy does not expire before or near your closing date, if it does, please provide proof of renewal.
  • If you are transferring or refinancing, you will need to inform and provide your home insurance company with the name of the new lender. Your insurance company will then provide a binder letter to the lawyer or lender, showing the change of coverage.
  • Condominium fees: – if applicable. You must provide a 90-day account history showing the withdrawal of the condo fee. The statement(s) must clearly show your name and account number as proof of account ownership.
  • Alternatively, you can provide a statement from the condo board, you may have received this in your Annual General Meeting package.
  • Fully Signed Separation Agreement(s) – if applicable. Alternatively, a letter from your lawyer (sworn declaration) stating there is no spousal or child support owed or received is acceptable, if the separation terms have not been completed. This option is only available provided we are not using spousal or child support for qualifying for the mortgage or you do not owe spousal or child support.
  • Debt – If there is a debt(s) that are required to be paid as part of the mortgage approval process. The statement(s) must clearly show your name and account number as proof of account ownership and payment.

What My Client’s say…

Are you interested in learning about what your mortgage refinancing options are? Please feel free to contact me as I would be happy to help you find the right financing option for you!